House Hacking a Single Family Home in Las Vegas

[Peter Portman]

Hello,

So I live in Las Vegas and I just paid off all my debt a few months ago and I'm currently renting a house with 3 roommates that are also friends. I decided that it would be a good idea to buy a 4 bedroom house and rent the other three rooms to my current roommates as kind of my first investment property. I'm a teacher so I got approved for this FHA loan at 3% interest with only 3.5% down and $7500 towards closing costs or down payment as part of this program called "home is possible for teachers." I plan on charging my roommates $450 for a room plus utilities so i'll be bringing in $1350 a month from them to put towards the mortgage/insurance/taxes. I put in offers for two houses both at $275,000 which will bring my monthly payment with taxes and insurance to about $1510 a month. That means i'll only be paying about $160 a month for rent. My roommates are moving in with me because they like me but also because i'm going to offer for them to rent month to month. I was thinking of including a stipulation that they needed to give me a 45-60 day notice. Does anyone have any recommendations about how to create a lease contract? Also if you have any other recommendations I would appreciate the feedback.

Secondly, here are the links to the two houses i'm looking at. One is already updated and move in ready but smaller square footage (still great use of space) the other could use some updating but similar houses in the area are going for $300,000 fixed up. Both of them are in nice areas but the first one has a little bit better neighborhood. Any ideas in regards to profitability/resale value? 

https://www.zillow.com/homedetails/7316-Restful-Springs-Ct-Las-Vegas-NV-89128/6963259_zpid/

https://www.zillow.com/homedetails/8156-Cactus-Flower-Ct-Las-Vegas-NV-89145/6971559_zpid/?mmlb=g,29